HB 1062 Summary

• Requires that when a taxpayer submits a licensed appraisal during a property tax assessment appeal, the appraised value must be substituted for the assessed value determined by other methods.

• Limits assessed value increases to a maximum of 3% annually or the actual increase in true tax value (whichever is less) for four years following an assessment appeal.

• Applies only to assessment dates after January 15, 2012, and exempts improvements or enlargements of property from the increase limitations.

• Expands grounds for revoking appraiser certification to include fraud or misrepresentation in appraisals submitted under the new appeal provisions.

• Takes effect upon passage with an emergency declaration.